Stock market news today September 21

Welcome to Finance Insider, Business Insider’s summary of
the top stories of the past 24 hours. Sign up here
to get
the best of Business Insider delivered direct to your
inbox.

The biggest tech companies are about to undergo a major
reshuffling on the stock market — here’s what’s coming, and why
it matters

Some big changes are coming to the US stock market.

Effective on Monday September 24, S&P Dow Jones Indices and
GICS will create a new sector for tech, media, and telecoms
companies, and it’s a change that will affect many of the the
biggest and most popular stocks on the market.

Here’s what you need to know.

Walmart reportedly warns Trump’s trade war will hit
regular Americans hard

Walmart, the largest US retailer, is sounding the alarm on
President Donald Trump’s trade war,
saying it is “very concerned” about the impacts the newly
announced tariffs may have on American consumers.

In a letter to US Trade Representative Robert Lighthizer, the
company — which employs 2.3 million people worldwide, including
1.5 million in the US — said the immediate impact of the fresh
tariffs “will be to raise prices on consumers and tax American
business and manufacturers,” according
to a report from CNN Money.

“As the largest retailer in the United States and a major buyer
of U.S. manufactured goods, we are very concerned about the
impacts these tariffs would have on our business, our customers,
our suppliers and the U.S. economy as a whole,” Walmart wrote.

Wells Fargo says it will cut as many as 26,500 jobs in
the next 3 years

Wells Fargo
said on Thursday it would cut its staff by about 5% to 10% within
the next three years.

The third biggest US bank has 265,000 employees, meaning the cuts
would encompass as much as 26,500 people.

Wells have been hit with a range of problems over the last
several years, beginning
with the fake-accounts scandal in 2016, when the firm said
employees had opened millions of customer accounts without their
consent in order to meet sales targets. The revelation forced the
resignation of CEO John Stumpf. His replacement, Tim Sloan, has
been battling to overcome the scandal and a series of subsequent
issues.

New York City homeowners are cutting prices in a way not
seen since the financial crisis

In one way, it’s 2009 all over again in New York
City’s housing
market.

The number of home sellers who cut their asking prices reached
the highest level since 2009 during the week after Labor Day,
according to StreetEasy.

Sellers needed to be more aggressive with pricing because buyers
had many more choices. Grant Long, a senior economist at
StreetEasy, said the listings website saw its biggest two weeks
for new listings at the same time, as sellers moved to entice New
Yorkers who were returning from their summer vacations. This only
worsened an existing glut of for-sale inventory on the market.

The firestorm at HSBC’s investment bank is escalating as
the bank hits back against internal dissent

HSBC fired back at internal
criticism over its investment banking practices following a
staff-penned memo to management late last month.

In a statement given to Financial News, HSBC said that its
global banking teams have a “clear strategy that is working.”

HSBC did not immediately respond to Business Insider request for
comment about the issue.

Dissent within the bank is centered around a memo, reportedly
titled “Global Banking & Markets: Rewards for Persistent
Failure” and sent on August 25. It is said to have attacked
HSBC’s leadership for what it says is a failure “to create a
successful strategy.”

2 major brokerages are
suing Goldman Sachs for blocking their clients from investing in
IPOs

The widening rift between Wall Street and Main Street was once
again on display as two major brokerages accused Goldman
Sachs of blocking their clients from potentially lucrative
investments in initial public offerings.  

In a lawsuit suit filed with the New York State Supreme Court
Thursday afternoon, TD Ameritrade and Charles Schwab said Goldman
has abandoned a 2001 agreement to hold 15% of the IPO shares it
underwrites for retail investors.

Until now, this arrangement allowed investors who aren’t Goldman
clients to buy a stock at its IPO price, rather than placing a
market order and potentially paying much more if the stock begins
trading above that price, as often happens with IPOs.
Take Eventbrite, for
example, which opened at $36 in its trading debut on
Thursday after initially pricing at $23. 

In markets news